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“Bad For Bitcoin”: Congressman Warren Davidson Blasts Last-Minute Crypto Tax Insertion In Infrastructure Bill

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Biden's Tax Plan Could be Bullish for Ethereum but Bearish for Bitcoin

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As the U.S. Senate plans to hold a popular vote on the proposed infrastructure bill under which a last-minute cryptocurrency tax law was introduced, some believe that the whole bill is ill-fitted due to its vagueness and could prove colossal to the industry and by large, the U.S. economy.

Privacy Concerns

The law, which seeks to subject players in the crypto space to the same regulatory rules placed on various securities such as stocks has disgruntled some industry players as well as legislators who feel that its language is detrimental to the crypto industry. In essence, the government aims at individuals and institutions not only reporting on gains and losses but also any activity associated with crypto, such as the sale of mining equipment.

Congressman Warren Davidson who coined the cryptocurrency language in the proposed infrastructure bill as “the big bank protection act” particularly believes that if passed, it could spell adverse problems on a big chunk of crypto-related activities that might not even need to be taxed. 

The congressman who is an ardent supporter of bitcoin speaking to Bitcoin magazine added that he was not a fan of governments spying on virtually all individual activities with one’s money, especially using the 16th amendment.

“The government just seeks to know too much about you. It really is not the government’s business as to whether you got paid or you ended up paying somebody, did you buy or sell something, gain or lose money – this extends that logic way beyond just collecting taxes, it collects all kinds of information.”  

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Sloppy Language

Davidson further criticized the language in the 16th amendment now inserted to serve in taxing crypto-related activities, terming it as sloppy, dangerous, and must have been advanced by people who were ignorant about the cryptocurrency industry or by people intending to only destroy it.

“Either this language was skilfully crafted to completely new crypto in America or it was willfully ignorant, I mean you would have to work hard to be that ignorant about how much collateral damage this kind of sloppy language would cause ” he added.

He called on Bitcoiners to raise their voices to their senators on the colossal harm the proposed bill could cause to them, and for the country as it threatened not only financial stability but also innovation.

Jerry Brito, the executive director of Coincentre had also raised alarm over the proposed infrastructure bill seeing that it has a provision that could be very bad for crypto, forcing non-custodial actors including miners to comply with IRS tax reporting obligations. He echoed Davidson’s concerns over the broadness in wording which potentially covers miners and DEXs. 

He was however relieved at the fact that arguably miners and DEXs did not have “customers” as defined in the tax code. He posited that despite the last-minute addition to a must-pass bill, he and other stakeholders were working around the clock to make sure that the bill was not passed in its current form ahead of Wednesday’s vote.

Portman spokesperson however sought to clarify the language on crypto in the infrastructure bill stating that the language did not redefine digital assets or cryptocurrency as security for tax purposes.

“It simply clarifies that any person or entity acting as a broker by facilitating trades for clients and receiving cash must comply with a standard information reporting obligation.” he said.

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Source: https://zycrypto.com/bad-for-bitcoin-congressman-warren-davidson-blasts-last-minute-crypto-tax-insertion-in-infrastructure-bill/

Blockchain

MANA Technical Analysis: Expect the Price to Fall Below the First Fibonacci Pivot Support Level of $0.655 Soon

MANA Technical Analysis: Expect the Price to Fall Below the First Fibonacci Pivot Support Level of $0.655 Soon

Rate this post MANA is a token that powers a virtual reality platform called Decentraland. MANA is an in-game token that can be used to buy plots of land and goods and services within the virtual reality space. Let us look at the technical analysis of MANA. Past Performance of Decentraland On September 18, 2021, MANA started trading at $0.815. As of September 24, 2021, the closing price of MANA was $0.702. Thus, in the past week, the MANA price has ranked by roughly 13.54%. In the last 24 hours, MANA has traded between $0.64-$0.75. https://www.tradingview.com/x/X0L58OoJ/ MANA Technical Analysis Currently, the price is trading below the support line of the parallel channel. It broke down from the rising trend. The price is currently trying to break out of the resistance zone and enter the parallel channel again. However, yesterday’s BTC shakedown changed the course of the price. Let us see what the price action is suggesting about the price movement: Currently, MANA is trading at $0.705. The price is near its renaissance and zone. It is trying to enter into the parallel channel, we have to wait and watch the price action. If the buying pressure increases, we can assume the price to breakout and enter the parallel channel. The MACD and signal lines are in the negative zone. However, a bearish crossover by the MACD line over the Signal line has occurred. Thus, the overall Decentraland market momentum is bearish, and we can expect a price to fall. However, both the lines are close to the zero line and may change signs soon. Thus, a trend reversal is on the horizon. The OBV indicator is gradually increasing. Thus, buying volumes are higher than selling volumes. Hence, we can predict that the investors are not losing their interest in the token. The RSI indicator is at 42.46%. It has just resisted from the 44.90% mark. Thus, selling pressures are slowly mounting. Hence, we can expect the price to start falling again in a few hours. Also, the RSI can form a base around this level and start to rise after taking support from this zone. Day-Ahead and Tomorrow The MANA price has fallen below the Fibonacci pivot point of $0.777. As some of the oscillators have shown bearish signals, we can expect the price to fall below the first Fibonacci pivot support level of $0.655 soon. Traders can take a short position by keeping a stop loss at $0.805. The price has tested and fallen below the FIB retracement level of $0.80. If the price falls below the 23.6% FIB extension level in some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well. However, if the price breaks out of the immediate resistance of $0.777. It will highlight the next resistance level, which is at $896. Traders can go long by keeping a stop loss at $0.655.

The post MANA Technical Analysis: Expect the Price to Fall Below the First Fibonacci Pivot Support Level of $0.655 Soon appeared first on Cryptoknowmics-Crypto News and Media Platform.

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MANA is a token that powers a virtual reality platform called Decentraland. MANA is an in-game token that can be used to buy plots of land and goods and services within the virtual reality space. Let us look at the technical analysis of MANA.

Past Performance of Decentraland

On September 18, 2021, MANA started trading at $0.815. As of September 24, 2021, the closing price of MANA was $0.702. Thus, in the past week, the MANA price has ranked by roughly 13.54%. In the last 24 hours, MANA has traded between $0.64-$0.75.

TradingView Chart

MANA Technical Analysis

Currently, the price is trading below the support line of the parallel channel. It broke down from the rising trend. The price is currently trying to break out of the resistance zone and enter the parallel channel again. However, yesterday’s BTC shakedown changed the course of the price. Let us see what the price action is suggesting about the price movement:

Currently, MANA is trading at $0.705. The price is near its renaissance and zone. It is trying to enter into the parallel channel, we have to wait and watch the price action. If the buying pressure increases, we can assume the price to breakout and enter the parallel channel.

The MACD and signal lines are in the negative zone. However, a bearish crossover by the MACD line over the Signal line has occurred. Thus, the overall Decentraland market momentum is bearish, and we can expect a price to fall. However, both the lines are close to the zero line and may change signs soon. Thus, a trend reversal is on the horizon.

The OBV indicator is gradually increasing. Thus, buying volumes are higher than selling volumes. Hence, we can predict that the investors are not losing their interest in the token.

The RSI indicator is at 42.46%. It has just resisted from the 44.90% mark. Thus, selling pressures are slowly mounting. Hence, we can expect the price to start falling again in a few hours. Also, the RSI can form a base around this level and start to rise after taking support from this zone.

Day-Ahead and Tomorrow

The MANA price has fallen below the Fibonacci pivot point of $0.777. As some of the oscillators have shown bearish signals, we can expect the price to fall below the first Fibonacci pivot support level of $0.655 soon. Traders can take a short position by keeping a stop loss at $0.805.

The price has tested and fallen below the FIB retracement level of $0.80. If the price falls below the 23.6% FIB extension level in some time, this implies that the price downtrend is strong. In that case, the price downswing is likely to continue tomorrow as well.

However, if the price breaks out of the immediate resistance of $0.777. It will highlight the next resistance level, which is at $896. Traders can go long by keeping a stop loss at $0.655.

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Source: https://www.cryptoknowmics.com/news/mana-technical-analysis-expect-the-price-to-fall-below-the-first-fibonacci-pivot-support-level-of-0-655-soon/

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Pat Toomey Calls China’s Crypto Ban “a Big Opportunity for the U.S.”

Pat Toomey crypto crackdown

Rate this post With PBoC recently declaring that all crypto transactions in China will be deemed illegal, Republican Senator Pat Toomey sees this as the perfect opportunity for the United States to set its dominance in the tech industry. China’s Crackdown is an Opportunity for the U.S. Says Pat Toomey According to tweets by U.S. Senator Pat Toomey, China’s ongoing crackdown on cryptocurrencies is a big opportunity for the United States. “China’s authoritarian crackdown on crypto, including #Bitcoin, is a big opportunity for the U.S. It’s also a reminder of our huge structural advantage over China.” Toomey’s comments follow the most recently released statement from the People’s Bank of China (PBoC) that declared the ban of all crypto-related transactions including services provided by foreign exchanges. The announcement triggered a market-wide pullback, sending the price of the leading cryptocurrency Bitcoin (BTC) down to slightly above $40,000. Toomey claimed that “Beijing is so hostile to economic freedom they cannot even tolerate their people participating in what is arguably the most exciting innovation in finance in decades”. He argued that “economic liberty leads to faster growth, and ultimately, a higher standard of living for all.” American Crypto Regulation Appears Still Unclear In the meantime, crypto Twitter responded to the senator’s tweet saying that their own U.S. Securities and Exchange was itself “hostile to economic freedom” Recently our own SEC has been pretty hostile to economic freedom. — McChadald’s CEO (@mcchadald) September 24, 2021 For instance, Coinbase eventually opted against launching its Lend product after the U.S. SEC declared its intention to sue the exchange if it went forward with its plan. In a blog post, Coinbase said that the company has been actively engaged in dialogue with the SEC for six months prior to receiving the threat of being sued. Per the post, after engaging extensively with the SEC about the product, Coinbase was told that the regulatory agency “consider Lend to involve a security, but wouldn’t say why or how they’d reached that conclusion.” Earlier this week, Coinbase said it would continue to “seek regulatory clarity for the crypto industry as a whole” and that they have made the “difficult decision” to not launch the Lend program and discontinue the Lend waitlist.

The post Pat Toomey Calls China’s Crypto Ban “a Big Opportunity for the U.S.” appeared first on Cryptoknowmics-Crypto News and Media Platform.

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With PBoC recently declaring that all crypto transactions in China will be deemed illegal, Republican Senator Pat Toomey sees this as the perfect opportunity for the United States to set its dominance in the tech industry.

China’s Crackdown is an Opportunity for the U.S. Says Pat Toomey

“China’s authoritarian crackdown on crypto, including #Bitcoin, is a big opportunity for the U.S. It’s also a reminder of our huge structural advantage over China.”

Toomey’s comments follow the most recently released statement from the People’s Bank of China (PBoC) that declared the ban of all crypto-related transactions including services provided by foreign exchanges.

The announcement triggered a market-wide pullback, sending the price of the leading cryptocurrency Bitcoin (BTC) down to slightly above $40,000.

Toomey claimed that “Beijing is so hostile to economic freedom they cannot even tolerate their people participating in what is arguably the most exciting innovation in finance in decades”. He argued that “economic liberty leads to faster growth, and ultimately, a higher standard of living for all.”

American Crypto Regulation Appears Still Unclear

In the meantime, crypto Twitter responded to the senator’s tweet saying that their own U.S. Securities and Exchange was itself “hostile to economic freedom”

For instance, Coinbase eventually opted against launching its Lend product after the U.S. SEC declared its intention to sue the exchange if it went forward with its plan.

In a blog post, Coinbase said that the company has been actively engaged in dialogue with the SEC for six months prior to receiving the threat of being sued. Per the post, after engaging extensively with the SEC about the product, Coinbase was told that the regulatory agency “consider Lend to involve a security, but wouldn’t say why or how they’d reached that conclusion.”

Earlier this week, Coinbase said it would continue to “seek regulatory clarity for the crypto industry as a whole” and that they have made the “difficult decision” to not launch the Lend program and discontinue the Lend waitlist.

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Source: https://www.cryptoknowmics.com/news/pat-toomey-calls-chinas-crypto-ban-a-big-opportunity-for-the-u-s/

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Coinbase wants to be ‘an advisor, a helpful advocate’ for this purpose

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“While half of the lawmakers in DC have misconceptions about crypto, the other half have realized that the crypto industry is a huge opportunity….”

If that isn’t ambiguity on the part of United States lawmakers, it would be difficult to say what is.

Coinbase CEO Brian Armstrong touched upon the same in a recent podcast with Anthony Pompliano, with the exec citing his latest visit to the capital to expand on the regulatory uncertainty in the United States.

According to Armstrong, ordinarily, “the intense demand for crypto-industry regulation” is a good thing since it often accompanies the growth of the industry itself.

However, as far as Washington DC is concerned,

“They think ‘this is scary, this is dangerous,’ they have all kinds of misconceptions about the percentage of activity that’s for illicit activities. In their mind, they think it’s like 50% illicit activity.”

Not all lawmakers feel this way though, with quite a few in the Capitol recognizing that the crypto-industry is a huge opportunity.

“They realize this is a hugely important industry for the United States and every country around the world. It exists in a competitive environment where the U.S needs to attract these entrepreneurs and get these companies built here.”

American citizens want these products and services, and crypto is not a fringe thing anymore, he added.

Can the aforementioned concerns be addressed though? Well, yes. According to Coinbase’s own research, for instance, illicit activity accounts for less than 1 percent of all crypto-transactions. In fact, a higher percentage of cash is used for such activities worldwide.

Even so, denying people what they want can have huge repercussions in the future. According to the exec,

“There are tens of millions of Americans that want to use these products and services and they’re getting a benefit from it that they weren’t getting in the traditional financial system.”

An embargo in place?

It’s worth pointing out here that the exec didn’t hold back one bit when characterizing the situation in the United States.

“It’s almost like prohibition, historically. You can’t go out and try to criminalize something 50 million Americans are doing. You’re just going to turn them all into criminals, but they’re not going to stop doing it.”

The fact that these lawmakers have refused to meet with crypto-representatives, including those from Coinbase like Armstrong, further feeds into this notion of criminality.

Next steps…

What next? Well, Coinbase wants to propose a federal regulatory framework and “be an advisor and a helpful advocate for how the U.S. can create sensible regulation.” The expected proposal is set to be presented by the end of the month or early next month. 

How will such a proposal be received, however? Well, it’s difficult to say. After all, Coinbase’s relationship with the SEC recently took a hit after it was threatened with legal action over its planned lending products.

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Source: https://ambcrypto.com/coinbase-wants-to-be-an-advisor-a-helpful-advocate-for-this-purpose

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